MOOG TO OFFER CLASS A COMMON STOCK

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MOOG TO OFFER CLASS A COMMON STOCK
16 August 2001 - Moog Controls

Moog Inc. announced today that it has filed a registration statement with the Securities and Exchange Commission relating to a proposed public offering of 2.586 million Class A common shares that includes 2.175 million shares to be sold by the Company, 73,885 by certain selling shareholders and an additional 337,328 shares that may be purchased by the underwriters from the company to cover over-allotments. Moog currently has, in total, approximately 8.7 million Class A and Class B common shares outstanding.

The gross proceeds from this sale of stock, including the over-allotment, are expected to be in the neighborhood of $90 million. After completion of this transaction, the Company will use the net proceeds to reduce debt, which will result in a significant reduction in interest expense. This interest cost saving will offset, in part, the impact of increasing the share base. Aside from the one-time costs associated with debt reduction, the Company now expects fiscal '02 earnings to amount to $3.30 per share, or about 7% less than was estimated before the increase in the share base. However, the Company expects that in the first quarter of fiscal '02 it will begin reporting cash earnings per share. On that basis, fiscal '02 earnings are expected to amount to $3.70 per share.

Merrill Lynch & Co., Credit Suisse First Boston, and SG Cowen will be the underwriters for the offering.

Moog is a worldwide manufacturer of precision control components and systems. Moog's high-performance actuation products control military and commercial aircraft, satellites and space vehicles, launch vehicles, missiles and automated industrial machinery.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

http://www.moog.co.uk

About: Moog Controls
Moog Controls started life in the UK in October 1965 as Moog Hydra-Point, based in Cheltenham, England. This new subsidiary was set up to manufacture and market the Moog Hydra-Point machines in the UK, South Africa and European common market.

Nearly 40 years later, not only does MCL manufacture a suite of products for motion control applications, they are also active in the design and development of new and innovative solutions for precision control problems. Our team of highly skilled engineers can provide project support to assist our customers in the performance of a wide variety of applications including, motion simulators for training and entertainment, industrial gas turbine controls, plastics machinery controls, heavy industry, metal forming & pressing, and commercial and military ground vehicle controls.

All Moog subsidiaries are represented by regional sales engineers backed by comprehensive product and engineering support teams. Add to this the global presence of Moog and you are ensured a competent partner to deliver and service you and your customers needs.

MCL employs over 270 people on its Tewkesbury site, accommodated in 3 buildings, producing over 21,500 servovalves per annum.

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